NEW YORK (TheStreet) --Biotech ETF iShares NASDAQ Biotechnology Index is lower over 25% year-to-date, highlighting the weak performance the biotech sector has endured this year. S&P Global equity chief investment officer Erin Gibbs weighed in on the biotech sector during Friday afternoon's "Power Lunch" on CNBC.
"When you start looking at earnings estimates and see how much they have been revised down, sales and earnings, that really says that the prices need to come down as well," Gibbs said.
The recent headwinds regarding pricing and the U.S. presidential election results as uncertainties driving the sector lower, she added.
"But, we are seeing other industries like healthcare equipment and services that have been holding up pretty decently," she noted. "I think particularly with the biotech's a lot of it is driven by they're not selling as much."
Gibbs isn't expecting them to sell much next year either.